South Korea Cold Chain Industry Growth: Ken Research

The South Korea cold chain marketcompetition is fragmented in nature with multiple domestic and international players, organized 3PLs, and unorganized small players operating in the market. There are several large and small companies operating in the cold chain industry providing both cold storage and cold transport facilities. Most of these companies operate in major cities including Seoul, Incheon, and Busan due to the presence of various end-user industries in these areas and due to the presence of well-developed road connectivity and port infrastructure. Companies were observed to compete on the basis of parameters such as warehousing space, temperature range offered, location, the price per pallet, existing clientele, product range catered to, and value-added services. Major logistics companies in the South Korea cold chain market include Lotte Logistics, CJ Logistics, Dongwon Industrial, Borim Logistics, Dongbu Express, Hansol Logistics, DB Schenker, Daelim Corporation, GS Global, DHL, Ottogi Logistics, Pantos Logistics, and Others.

What Is the Future Of Cold Chain Market In South Korea?

South Korea cold chain market is expected to grow at a CAGR of ~% from USD ~ Billion in 2018 to USD ~ Billion in 2023E primarily due to the rising imports of fruits and vegetable products in the country. The constant rising demand for products such as meat and seafood, dairy products and other frozen and processed foods in the country coupled with the active participation of the pharmaceutical sector, increase in government initiatives to develop the logistics infrastructure is expected to propel the growth of the cold chain industry in the country. It is expected that the employment of better and modern reefer trucks with advanced technologies coupled with decreasing fuel prices, rise of third-party logistics providing cold transportation facilities to the logistics companies and rising imports of processed fruits and vegetables will give a boost to the cold transport market in South Korea. Strong demand is anticipated for large and new-generation cold storage facilities with modern infrastructure which is expected to positively impact the cold storage market. The forecast period is also expected to witness a rise in the number of 3PL companies that offer an array of integrated services with large and sophisticated supply chains. Additionally, increasing adoption of modern technologies and automation processes such as Blast Freezing, EDI, RFID, AS/AR in the industry are expected to improve the operational efficiency of South Korea Cold Chain Market in the forecast period of 2018-2023E.

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